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Delta, United Said to Near Avianca Bids Amid Elliott Talks

Colombian airline mulls options including sale of control

Carrier said to seek about $500 million from potential partner

Avianca Holdings SA is studying options including the sale of a controlling stake and is set to receive bids next week from suitors including Delta Air Lines Inc. and United Continental Holdings Inc., people familiar with the matter said.

The offers, due by Nov. 9, may include about $500 million in new capital for Bogota-based Avianca, plus a purchase of common stock from current shareholders, said the people, who asked not to be named because the talks are private. Copa Holdings SA also is expected to present a bid.

Avianca has been seeking a partner to help shore up its balance sheet and support growth. The carrier is controlled by brothers German and Jose Efromovich, who have used the majority of their...